Futures Slip On Orders Data; Boeing, Ford Rise, Apple Slides

Futures slipped from narrow gains into mixed action after a weak read on durable goods orders as earnings reports drew volatile moves from some of the market's largest stocks ahead of Wednesday's open.

Dow futures were up five points, but trading below fair maker value. Nasdaq 100 futures reversed early gains and were down 1.25 points. S&P 500 futures also backed out of early gains and slipped 3.5 points.

The stock market today faced early resistance, as factory orders for durable goods slipped 5.7% in March, according to the Census Bureau. It was the gauge's largest drop in seven months. Analysts had projected a 2.8% slip. February's gain was revised downward to 4.3%, vs. an initial estimate of 5.6%. Minus transportation, orders dipped 0.5%, worse than expectations for a 0.5% increase.

In stocks, Boeing (BA) throttled up 4% in early action as its first quarter results showed no negative impact from the ongoing grounding of its Dreamliner aircraft. Boeing shares are up 13% since clearing a flat base in early March.

Ford (F) rose more than 1% after reporting a surprise jump in first quarter profit showed earning declined slightly less than expected and sales rose above forecasts. The iPhone and iPad maker also boosted its share buyback program to $60 billion for the year and lifted its dividend 15% to $3.05 a share. But investors focused on guidance for a 1.5% decline in sales for the June quarter. The stock has been in a steep downtrend and below its 10-week line of support since September.

The stock ended Tuesday just below a March 26 high after a three-day bounce off 50-day support in quiet trade.

Many companies that reported after Tuesday's close dragged heavy losses toward the opening bell Wednesday. Those included Edward Lifsciences (EW), off 15% ahead of the open after reporting first quarter sales and earnings below analyst consensus views and sharply reducing expectations for sales of its Sapien heart valves for the full year. RBC Capital lowered its rating on the stock to sector perform from outperform.

The stock has been correcting and below critical levels of support since October.

The stock has been consolidating, attempting to rebound from 10-week support, since the first week of April.

Another IBD 50 stock, Panera Bread (PNRA), dropped 6% after its first quarter EPS gained 17%, but stopped a penny short of consensus forecasts. Sales growth of 13% also missed expectations. The stock had ended Tuesday just above a shallow base buy point of 175.36.

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07/31/2015 05:45 PM ET

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